NAB sets split rate on low cost credit card

NAB will launch a low-rate credit card with an interest rate of 10.75 per cent on purchases and an annual fee of $49. NAB will charge a higher rate of 16.65 per cent for cash advances. NAB is last of the big banks to provide a low rate credit card option. A loss of market share in credit cards may inform NAB’s decision. APRA statistics show that NAB is growing its credit card business at half the rate of other banks.